The parents of a New York teenager who was swept out to sea off the Kona coast while on an adventure tour will use some of the settlement money from their lawsuit against the tour company for an endowment to the Hawaii County Fire Department.

The lawyers for the parents of 15-year-old Tyler Madoff said the parents want to express their gratitude for the fire department’s efforts in looking for their son and want to see the good work performed by its search and rescue crew continue. They said the parents will also use some of the settlement money to endow a new initiative to help promote the safety of teens who go on adventure tours.

A large wave swept Madoff off some rocks at Kaawaloa Point just outside Kealakekua Bay on July 4, 2012. His body was never found.

Madoff’s parents sued Colorado-based Bold Earth Teen Adventures and the company’s local contractor Hawaii Pack and Paddle.

The parties informed a U.S. District Court judge in Honolulu on Monday that they reached a settlement. The terms are confidential.